Stakeholders common mistakes

Common mistakes

• Stakeholder groups and objectives common mistake 1

  Giving a vague answer instead of directly addressing: Define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers..

  Fix itAnswer by clearly explaining how to define stakeholder and identify main business stakeholders including owners, employees, customers, local community and suppliers..

• Avoid confusing marketing aims and operational aims in Stakeholder groups and objectives

  A weak answer gives a generic point about customers / employees / local community / suppliers / owners or treats marketing aims and operational aims as identical without applying the business scenario.

  Fix itUse the scenario first, then explain how customers / employees / local community / suppliers / owners affects the business objective, financial outcome, and customers. Make the final judgement depend on the specific context.

• Stakeholder groups and objectives common mistake 1

  Giving a vague answer instead of directly addressing: Explain stakeholder objectives, including worker pay, environmental impact on the local community and owner dividend payments..

  Fix itAnswer by clearly explaining how to explain stakeholder objectives, including worker pay, environmental impact on the local community and owner dividend payments..

• Avoid confusing gross and net profit in Stakeholder groups and objectives

  A weak answer gives a generic point about local community / environmental impact / pay or treats gross and net profit as identical without applying the business scenario.

  Fix itUse the scenario first, then explain how local community / environmental impact / pay affects the business objective, financial outcome, and local community. Make the final judgement depend on the specific context.

• Stakeholder impact, influence and conflict common mistake 1

  Giving a vague answer instead of directly addressing: Explain the impact and influence stakeholders can have on businesses and business objectives..

  Fix itAnswer by clearly explaining how to explain the impact and influence stakeholders can have on businesses and business objectives..

• Avoid confusing stakeholders and shareholders in Stakeholder impact, influence and conflict

  A weak answer gives a generic point about business objectives or treats stakeholders and shareholders as identical without applying the business scenario.

  Fix itUse the scenario first, then explain how business objectives affects the business objective, financial outcome, and shareholders. Make the final judgement depend on the specific context.

• Stakeholder impact, influence and conflict common mistake 1

  Giving a vague answer instead of directly addressing: Explain how businesses may face conflict between stakeholder objectives..

  Fix itAnswer by clearly explaining how to explain how businesses may face conflict between stakeholder objectives..

• Avoid confusing revenue and profit in Stakeholder impact, influence and conflict

  A weak answer gives a generic point about businesses / conflict / face / between / stakeholder or treats revenue and profit as identical without applying the business scenario.

  Fix itUse the scenario first, then explain how businesses / conflict / face / between / stakeholder affects the business objective, financial outcome, and lenders. Make the final judgement depend on the specific context.